XRP is a digital asset built to be the most practical cryptocurrency for applications in the service sector. It is open source, decentralised, carbon neutral and can process transactions quickly and very cheaply. The company behind XRP is Ripple. Ripple is a fintech company. Ripple is committed to various techniques but their main focus is on connecting digital assets between banks, payment providers and exchanges, enabling faster and more cost-efficient payments worldwide.
In 2004, Ryan Fugger invents Ripple while working on an exchange trading system.
2005: the first version of Ripple sees the light of day.
In 2011, Jed McCaleb is working on a digital currency based on consensus rather than mining.
In 2012, Fugger handed over his project to McCaleb and Chris Larsen, who founded the OpenCoin corporation.
2013, OpenCoin acquires SimpleHoney and changes its name to Ripple Labs Inc. McCaleb left with a bag full of XRP that would be worth billions to develop Stellar (Lumen).
2015, Ripple Labs Inc gets sued and has to pay $700,000. They change their name to Ripple.
2016, Ripple gets a virtual currency licence.
2017 - 2018, Ripple is sued by R3, pays and then sues R3, after which they settle the case between themselves.
2018, Ripple becomes popular with several financial institutions in Asia and Spanish banking group Santander.
2020, the SEC sues Ripple for offering unregistered securities.
Another SEC lawsuit against them is pending in 2022. Stuart Alderoty, Ripple's legal counsel, accuses the SEC of doing a back-pull due to the fact that because of this lawsuit, XRP and their holders lost a lot of value. Ripple expects a ruling in 2023, after which they will hopefully put the case to rest.
Financial institutions can use XRP as a bridge between different currencies, allowing them to conduct transactions faster and cheaper across borders.
Individuals use XRP to move money around the world without using banks.
Developers use XRP Ledger's open source to build powerful applications without burdening the environment.
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These are the advantages of XRP:
Fast. Transactions are processed in 3-5 seconds.
Low transaction fees of $0.0002 on average.
XRP Ledger processes 1500 transactions per second, 24-7.
Stable since 2012.
Environmentally friendly. It is 61,000 times more energy-efficient than a proof-of-work network, approximately.
Distributed. The XRP Ledger network is run by more than 150 validators (keep the ledger).
Instant payment across borders. Exchanging your dollar for a euro is quick and cheap.
Sustainable CDBC (central bank digital currencies). Using the private version of the open source XRP Ledger, central banks can issue digital currencies securely, controlled and flexibly.
It is a powerful tool for developers. Team RippleX specialises in developing XRP Ledger tools, services and other resources and is a partner of the XRPL development community. They create the greenest infrastructure for blockchain applications and innovations.
XRP collaborates with universities around the world in the University Blockchain Research Initiative (UBRI), including TU Delft, University of Michigan, Korea University, University of Waterloo and ANU Law.
UBRI is preparing the next generation in the field of FinTech (financial technology), such as architects, entrepreneurs and other world changers. Blockchain and crypto are being prepared here to make a difference in economic growth, positive social impact and environmental friendliness for decades to come.
More than 45 universities in 20 countries are working on some 1,000 blockchain research projects here with more than 300 studies.
Ripple Impact is a partnership for a sustainable, inclusive and equitable economy. Companies they partner with include: Bill & Melinda Gates Foundation, World Economic Forum, Rippleworks, Crypto Climate Accord, XRP Ledger Foundation and Energy Web.
According to Ripple, financial inclusion is a right. Adoption of crypto and blockchain can help billions of people, who currently cannot even open a bank account, participate economically. In emerging markets, it should be the case that you can always make transfers at low cost at, say, a market to buy fruit. With XRP, you can do that. XRP is also working with governments to design Central Bank Digital Currency (CBDC) for greater financial inclusion with the democratic power of blockchain technology. Ripple works with its partners and customers to meet the financial needs of everyone.
Ripple is a co-founder and active participant in the Crypto Climate Accord and WEF's Crypto Impact and Sustainability Initiative. XRP Ledger is carbon neutral and Ripple aims to achieve this by 2030.
Onboard. Standard APIs (Application Programming Interface) integrate the CDBC platform into existing systems.
Mint. Cryptographic multi-sign is used to tokenise CBDC.
Distribute. CBDC can be issued to authorised accounts.
Transact. A transaction is complete in 3-5 seconds. When connecting to CBDC, one can trade between (block) chains and across borders.
Redeem. Participants can exchange CBDC for fiat money.
Destroy. The CBDC platform can securely destroy currency, giving the bank full control over the amount in circulation.
With smart contracts, this system ensures that transactions between blockchains run smoothly. It is scalable, secure and respects people's privacy. It uses a negligible amount of power.
With Liquidity Hub and Ripple's suite of computer programs, you can build a bridge between traditional fiat systems and the new world of crypto.
Liquidity Hub is a turnkey global liquidity and payment platform made specifically for businesses. Various digital assets are supported. It bridges between organizations and liquidity meeting places to get the best price through "smart order algorithms."
The XRP Ledger is a decentralised public blockchain run by a global community of developers.
It is fast, reliable and efficient with energy. Because it is easy to develop, is open source, has low transaction costs and a dialed-in community, it provides developers with a strong foundation for running demanding projects.
Programmers and developers choose the XRP Ledger for the following reasons:
Public, open source and decentralised, maintained by the community.
Streamlined development through documentation, reducing the time it takes to bring something to market.
Thousands of transactions per second.
Low cost, allowing you to use XRP for lots of different things.
Vibrant community, making XRP Ledger better every day.
Use cases of XRP Ledger:
Decentralised exchange built directly into the blockchain.
Payments between different national currencies (fiat).
Payment channels for micropayments.
Multi-sig, for security where you need multiple signatures to carry out a transaction.
All currencies besides XRP can be represented on the XRP Ledger, which they also call IOUs.
If you want to send coins over the Internet, the cost of doing so is often very high. Sending XRP to another wallet address is very cheap. Therefore, it is often a good idea to exchange coins to XRP first and only then send them, which can save you several tens of dollars.